How is AI poised to transform our future?
“Artificial Intelligence is the new electricity. It has the potential to transform every industry and create huge economic value”, says Chinese-English scientist and entrepreneur, Andrew Ng. The impact of artificial intelligence on our daily lives cannot be overlooked. From smartphones to ride-sharing apps, smart home devices, Google search, and Social media- there is hardly any industry or sector that is left untouched by AI.
There has been a huge surge in patenting of artificial intelligence in the last few years. PwC estimates that by 2030, AI would contribute a whopping $15.7 trillion to the global GDP. Analysis by the World Intellectual Property Organization (WIPO) states that the number of AI-related patent applications rose from 18,995 in 2013 to 55,660 in 2017. WIPO Director-General, Francis Gurry says that “We can expect a very significant number of new AI-based products, applications, and techniques that will alter our daily lives and also shape future human interaction with the machines we created”.
Industries such as healthcare, automotive, and financial services were the fastest to adopt AI.
Following are a few key domains that would be impacted most by AI in the coming years:
Related Reading: How AI Integration Helps Maximize Your Business ROI
AI will transform these areas in the coming years:
The general public would widely adopt self-driving vehicles. Apart from cars, self-driving vehicles would also include delivery trucks, autonomous delivery drones, and personal robots. Commutes may shift towards an on-demand approach like the Uber-style “cars as a service approach”. Commute-time would be viewed as a time to relax or just another way to work productively. People would live further away from their homes, reducing the need for parking space. This would change the face of modern cities.
However, enhanced connectivity, real-time tracking, traffic gauging, route calculations, peer-to-peer ride-sharing, and self-driving cars would be impossible without personal user data. This calls for the need to implement more stringent measures to secure the data and privacy of citizens.
2. Home/ service robots
Robots have already entered our homes in the past fifteen years. Recent advances in mechanical and AI technologies substantiate the increasing safety and reliability of using home robots. In the foreseeable future, we can expect special-purpose robots to deliver packages to our doors, clean offices and enhance security.
We are already familiar with the vacuum cleaning robot – Roomba, which has gained its place in millions of homes across the world. The AI capabilities of these kinds of robots are being increased rapidly with drastic improvements in the processing power and RAM capacity of low cost embedded processors. Low cost and safe robot arms are being used in research labs all over the world. Further advances enabled by deep learning will enable us to better interact with robots.
Healthcare is a promising domain for the use of AI technologies. AI-based applications have started gaining the trust of doctors, nurses, and patients. By revising the policies and other commercial regulations regarding the development and usage of such applications, AI can be used to improve health outcomes and quality of life for millions of people in the coming years. Patient monitoring, clinical decision support, remote patient monitoring, automated assists to perform surgeries, and healthcare management systems are some of the potential applications of AI in healthcare.
AI has the potential to enhance education at all levels, by providing personalization at scale. While computer learning will not replace human teachers, Massive open online courses (MOOCs) will help students learn at their own pace with techniques that work for them. AI technologies such as Natural language processing, machine learning, and crowdsourcing are giving an impetus to online learning. If these technologies can be meaningfully integrated with face-to-face learning, AI will find more applications in our classrooms.
AI has already transformed this domain to a considerable extent. AI-driven entertainment is gaining huge traction and response from the masses with overwhelming enthusiasm. AI-enabled entertainment will become more interactive, personalized and engaging by 2030. However, the extent to which technology replaces or enhances sociability is debatable. More research is required to understand how to leverage these attributes of AI for the benefit of society.
Related Reading: Building Incredible Mobile Experiences by Combining AR and AI
Concerns about AI
Advances in AI have already impacted our lives. However, you may also have heard of the dire predictions regarding AI made by some of the brightest minds such as the late scientist Stephen Hawking and Elon Musk (Tesla and SpaceX chief). Pew Research Centre surveyed some 979 technology experts to find out whether advancing AI and related technology would help or harm humanity. 63% of the respondents were hopeful of a better future in 2030. Many of them said that all would go well only if the concerned authorities paid close attention to how these tools, platforms, and networks are engineered, distributed and updated.
Following were the concerns that were mentioned most often:
- Individuals would lose control over their lives due to the use of AI
- Surveillance and data systems that favor efficiency over human betterment would be dangerous.
- AI would cause millions of people to lose their jobs leading to economic and social upheaval.
- As people continue to depend on AI, their cognitive, social and survival skills would be diminished.
- Cybercrime, cyberwarfare and the possibility of essential organizations being endangered by weaponized information would open new facets of vulnerabilities.
Overcoming the concerns
Following are a few solutions to take positive advantages of AI:
- The global population should join hands and create cohesive approaches in tackling AI’s challenges.
- The development, policies, regulation, and certification of autonomous systems should undergo essential transformations to ensure that any kind of AI development would be directed towards the common good.
- Corporate and government organizations should shift their priorities towards the global advancement of humanity rather than profits and nationalism. AI advances should be aimed at human augmentation, regardless of economic class.
Nicholas Beale rightly said, “AI done right will empower.” As artificial intelligence continues to be embedded in most human endeavors, let us make broad changes for the better. Let us be more thoughtful about how these technologies are implemented constructively.
If you would like to know more about Fingent’s development and implementation approach on AI, give us a call.
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Mixed Reality Promising a New Improved Healthcare Industry
Mixed Reality makes it possible for surgeons to perform an operation on a patient thousands of miles away. It makes it possible for nurses to hone their skills and perform hundreds of operations virtually before even touching a patient. Mixed Reality is making the impossible possible.
Mixed Reality combines the real world with the virtual to create solutions that we never thought possible. It enables effective collaboration between physical and digital objects and has found an integral place and application in healthcare. This blog explores some radical ways in which healthcare is using Mixed Reality for better quality treatment and customer experience.
Mixed Reality Working Wonders in Healthcare
By 2026, AV/VR in the healthcare market is expected to reach 7.05 billion USD showing that Mixed Reality is finding increased application in the healthcare industry. From enabling pre-procedural planning and visualization before surgery to training nurses as they virtually workout challenges they could encounter during real-life procedures, and improving the collaboration and communication between doctors and patients – Mixed Reality is making great things happen. Here are some ways in which this is becoming possible.
1. Immersive Learning for Nurses and Medical Students
Skilled nurses are critical to the healthcare industry. Simulations are the most effective method of educating and preparing nurses to respond appropriately to a variety of situations they might encounter. Mixed Reality can place a nursing student in those specific or rare situations, which may be difficult to arrange for in real clinical settings. Such immersive simulations are much more cost-effective than traditional nursing simulation devices. The education company Pearson has collaborated with Microsoft to launch apps called HoloPatient and HoloHuman. These tools use holograms of patients and help in training healthcare professionals as they diagnose and treat medical problems.
As another achievement in Mixed Reality, St. George’s University in Grenada worked with SphereGen Technologies to develop what is called the ‘Learning Heart.’ The Learning Heart is a study aid that enables users to view the hologram of the heart from all directions and examine its functions. It responds to touch and voice commands and allows users to separate all the parts of the human heart, thus making learning immersive for medical students.
2. Reduced Time and Reduced Human Error in Reconstructive Surgery
Reconstructive surgeries enabled by Mixed Reality with the use of HoloLens have proven to be very successful at the Imperial College at St. Mary’s Hospital, London. According to the team guided by Dr. Philip Pratt, Mixed Reality helps surgeons locate and reconnect major blood vessels. With HoloLens, surgeons are able to use holographic overlays to see the bones and identify the course of blood vessels which aids them in their surgery, improving the outcome for the patient. An article in The Times entitled Holograms to get surgeons under the skin of patients showed examples of a 41-year-old man and an 85-year-old woman on whom such reconstructive surgeries were performed successfully.
3. Revolutionizing Surgery
In December 2017, Dr. Thomas Gregory undertook a live transplant surgery with the help of HoloLens. It helped him access the patient’s medical information and anatomical pictures in 3D during the surgery. Since HoloLens is a standalone computer worn like a helmet by the surgeon, his hands are free for surgery. Additionally, the use of microphones and sensors allows the surgeon to communicate with other surgeons in different parts of the world making collaboration easier. All these features, along with the simulations and information it can pull up, make Mixed Reality a valuable asset in improving surgical performance.
4. Improving the Patient Experience
Building trust through efficient communication is an important aspect of a doctor-patient relationship. Mixed Reality makes this possible in a more immersive way. For example, in a recent interview with Sirko Pelzl, CEO and CTO of apoQlar, he spoke about Virtual Surgery Intelligence (VSI) and said: “physicians can use VSI to show patients their own MRI scans and explain the surgical procedure in visual detail. We were able to illustrate in a recent study how greatly patients appreciated this education and communication.”
Mixed Reality also helps in reducing response time and improving surgical accuracy, which contributes to the smooth and successful patient experience. For example, when the surgery is complicated or the patient is critical, diagnostic images with Mixed Reality can serve as a twin of the patient. This helps doctors discuss, plan, and walk through their treatment protocol, thus reducing response time in patient care.
Mixed Reality also gives doctors all the information they need about a patient and enables real-life simulations to help him in his decisions and actions. Commenting on a prototype application called “Cinematic Rendering for Surgery” Christian Zapf, head of the Syngo Business Line at Siemens Healthineers said, “The error rate dropped from 14.1 to 0.8 percent for surgeons in training and from 11.1 percent to 0.8 percent for qualified surgeons.”
The Future of Mixed Reality
Mixed Reality has already made deep inroads, especially in medicine. It will continue to improve the quality of healthcare and medical training as it positively impacts the medical industry. Fingent has helped many clients build custom healthcare software solutions, which integrate applications with the latest technologies like Mixed Reality. Get in touch with us and let’s discuss how we can make Mixed Reality possible for you.
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Can Empowering AI and IoT Bring In Competitive Advantage To Industries?
It takes more than forward-thinking employees to gather customer purchasing trends and improve the customer experience. International companies depend on Artificial Intelligence (AI) and the Internet of Things (IoT) to drive data and forecast the next big wave of trends.
Studies predict Asia and North America to lead in the innovation of AI and IoT. Also, embedded AI in support of IoT smart objects will reach $4.6B globally by 2024.
Major vendors of IoT platforms such as IBM, Amazon, and Microsoft have started offering integrated AI capabilities like ML-based analytics. Scalable digital platforms are designed daily to understand the way customers think while using predictive maintenance in real estate, eCommerce, healthcare, and other industries.
It’s time for us to share the leading examples of how businesses use AI and IoT, and how these technologies benefit them.
AI and IoT: Leading Use Cases
Smart Cities: Making Life Easier
What happens when AI and IoT run a city? It turns into a smart city. Smart city technology can solve an energy crisis, help manage traffic, or improve the healthcare experience.
One example of a smart city is the use of Advanced Transportation Controller technology linked to a 5G network in Los Angeles. There are road-surface sensors throughout the city, and cameras that monitor traffic, sending information to traffic management systems. Municipal employees can now analyze the data of traffic congestion and issues with traffic lights in high traffic areas. Overall, this improves the quality of living in Los Angeles and helps a business run smoothly without delays.
Convenience in Property Management
One of Fingent’s clients WRI Property Management, a US-based single-family rental provider with 10,000+ leased properties and 20,000+ managed houses experienced many challenges. Here are a few of the issues WRI Property Management faced:
- Tenant eviction
- Rent collection/accounting
- Scheduling property inspections
- Leasing properties
- Screening tenants
What happened next? Fingent introduced an advanced software platform, Honey Badger. The AI and IoT technology-supported WRI managers to conveniently communicate with multiple parties, renovating properties, view lives auction feed, track the construction of new properties, etc.
5G Network Vehicle Safety and Security
Machine Learning technology is improving the autonomous vehicle experience. How does it work? An automobile can stop when a driver is in dangerous tragic weather or unexpected situation.
The 5G network can cause the brakes of a car to operate by tracking vehicle sensors of other drivers near prevent or relieve car crashes.
The network can also send drivers a traffic update to use detours and avoid certain roads that are under construction or is unsafe.
AI and IoT Business Benefits
1. Guaranteed Security and Safety
A company’s highest priority is protecting data in the workplace. As Artificial Intelligence scans security footage, IoT can close gates or doors if an intruder attempts to enter the premises of a head office.
Organizations are now using machine-to-machine communication to determine potential security threats with an automated response to hackers or intruders.
An example of AI and IoT in banking security is the detection of fraudulent activity in ATMs to communicate updates to law enforcement to protect customers.
The unexpected workplace accidents can be prevented by using sensors that monitor safety hazards as employees work. Employees at some organizations now wear wearable devices that alert the management of undetected dangers such as carbon monoxide released into the air on a work site.
2. Convenient Shopping Automated Experience
Online shopping is more convenient than ever as websites personalize real-time suggestions to consumers based on a customer’s shopping history. As a result of this investment, Kinsta predicts that by 2021, Artificial Intelligence in e-commerce will increase sales to $4.5 billion from $2.3 billion in 2017.
3. Enhanced Healthcare Experience
NovitaCare, a Netherlands based healthcare company that treats patients with chronic and multiple disorders, wanted to improve the caregiver experience using an effective online platform.
With Fingent’s help, NovitaCare now can communicate with non-profit organizations, patients, providers and researchers with an online platform that is HIPPA compliant.
4. Simplified Management Of Supply Chain
The supply chain industry has experienced challenges in managing unexpected events that happen due to inaccurate forecasting. A solution to the problem is implementing AI and IoT.
Supply Chain Digital recently stated the following about these technologies:
“Intel highlights that the world of IoT is growing rapidly, from 2 billion objects in 2006 to a projected 200 billion by 2020.”
“AI is on most companies’ radars, with 78% of organizations implementing it to enhance operational efficiency by at least 10%.”
The use of real-time devices will feed data to executives to help create contingency plans for preventing unexpected challenges in the industry. As a result, the supply chain and a company’s reputation can experience fewer impacts.
How Fingent Helps Businesses Achieve Success With AI and IoT?
Fingent has mastered the art of technology infrastructure to help companies resolve AI and IoT processes. As a result, it creates efficiencies in managing smart devices.
Implementing these technologies are small changes that can have a huge impact on your business. The ability to use raw data to understand customer behavior and forecast trends in the market can improve customer loyalty. Also, companies can track employees working in multiple departments and locations across the globe by partnering with Fingent.
Fingent is confident that AI and IoT work in your business context by delivering technologies to enable solutions in the cloud, networks and gateways, heterogeneous device support, systems capabilities, and data analytics.
Business Insider predicts that there “will be more than 64 billion IoT devices by 2025, up from about 10 billion in 2018.”
Gartner observes that in three years (by 2020), more than 80 percent of enterprise IoT projects will incorporate at least one AI component. Artificial Intelligence and the Internet of Things is used to improve the safety of drivers on the road, enhance healthcare experiences, automate and streamline enterprise processes, stop intruders from hacking into IT systems or large organizations, and in numerous other ways.
The combination of these technologies not only delivers a superior customer experience, but also forecasts what customers want in real-time, improves their experience of living in smart cities, maintains a high safety rating in challenging workplaces, and reinforces physical and cybersecurity. AI-IoT duo also avoids any unplanned downtime, increases operating efficiency, helps develop new products and services, and improves your risk management.
Are you looking for an AI and IoT partner? Get in touch with Fingent experts today for a streamlined and error-free IoT implementation for your business.
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Patient-Generated Health Data – A Powerful Tool To Enhance Healthcare
Remember a time when patients would queue up in line with a big dossier in hand, waiting for their time to be examined by the doctor? Lengthy queues, paper-heavy records to be maintained, time wasted as doctors reacquaint themselves with the patient’s entire history – no more of all of that. Today, a patient wants to be involved in his care and he doesn’t want to be waiting around wasting precious time. With innovative health technologies, patient-generated health data is making that possible by enabling patient-centered, citizen-engaging care.
Let us consider how improving patient care through technology is possible. We will also see how the use of information technology in healthcare is allowing the healthcare industry to deal with patients as valued customers, improving their experience. But, first of all, what is patient-generated health data?
Patient-Generated Health Data
Any valuable information a patient can garner about their health status is referred to as Patient-Generated Health Data [PGHD]. PGHD is much more than just a person’s health history with information on his symptoms, medication and treatment information. It also includes his biometric data, as well as information about his lifestyle choices. These records will provide a clearer picture of a patient’s actual health status, better than the patient can describe in his own words.
The use of information technology in healthcare is making it possible for healthcare providers to understand their patients better and in making better medical decisions. It also aids patients in receiving an increased understanding of their health condition. The importance of health information technology in healthcare today cannot be over-emphasized.
How Does The Use Of Information Technology In Healthcare Help Healthcare Organizations?
Patient-generated health data can improve the quality of patient care. When integrated into clinical care, patient-generated health data enhance shared decision making and patient engagement. The use of information technology in healthcare can provide an assessment of the patient’s symptoms and well-being, preferences and values, and goals for healthcare. Here are a few specific benefits of the use of IT in healthcare:
1. Improves nurse-patient relationship
Low health literacy can strain the nurse-patient relationship. When a patient comes to appointments armed with their health research, the nurse-patient relationship improves.
2. Clinical benefits
PGHD plays an important role in assessing a person’s health and monitoring treatment effects. It connects patients and healthcare providers during a care encounter. PGHD can be used to monitor a person’s overall health and allows healthcare professionals to detect potential health dangers.
3. High-risk patients
Keeping a track of PGHD helps providers identify and treat high-risk patients at the earliest. Leveraging PGHD proves extremely valuable in chronic and acute care.
4. Patient engagement
Patients have ownership over their data and control on how and when that data is shared with their care team. They are empowered to contribute to their care and can share insights. It improves communication and contributes to shared decision-making.
5. PGHD provides independence to seniors
PGHD can be used in assisted living to mitigate the risk of falls. It gives confidence to the elderly for independent living and it improves adherence to complex medication plans. PGHD also alerts healthcare providers when required, avoiding the need for expensive assisted living facilities and nursing homes.
Fingent Technologies worked with NovitaCare, an early-stage healthcare startup, in setting up an online platform to enable easy administration, streamlined workflow for many healthcare services and HIPPA compliance. Improving patient and caregiver interactions, eliminating waste, enhancing accountability, and raising the quality of care were the main accomplishments of this tool.
Related Reading: Read more about the case study here.
Innovative Health Technologies To Help The Patient
Innovations in health technologies go beyond just PGHD. It includes various devices and systems designed to streamline healthcare operations, lower the costs and enhance the quality of care. Among the most promising healthcare technologies are Artificial intelligence (AI), virtual reality, chat-bots and so on. Let us consider a few.
1. Artificial Intelligence
Artificial intelligence with machine learning is proving to be essential for healthcare organizations. It is capable of reducing the risk of preventable medical situations in three ways.
- Reminders: It can provide automated reminders to help a patient, reminding him to take his medication within a certain time-frame.
- Identify and alert: It helps to identify potentially dangerous situations and triggers alerts for the medical staff making timely medical intervention possible.
- Personalized dosage: Dosage recommendations are made depending on each patient’s body chemistry while considering environmental factors.
2. Blockchain in Healthcare
Blockchain can create and maintain a transparent and tamper-proof transaction ledger. This technology could change the way huge healthcare sectors operate. Personal data collected in blockchain remains with the patient instead of being stored on servers, thus enhancing confidentiality.
3. Voice Search
According to research, 46% of Americans use voice-assistance on their mobile devices. The figures are not much different for the rest of the world. We can expect that soon many more would be inclined to search for health-related information using voice search. Since it is increasingly used, the healthcare industry is also making good use of voice search. This technology would be helpful to both patients and caregivers who try to locate hospitals or clinics either near their homes or offices.
Chatbots in healthcare provide various benefits. They assist with medication management, first-aid or in emergencies. Chatbots offer a personalized service to patients and caregivers.
5. Virtual Reality in Healthcare
Patients are often anxious about hospital stays and procedures. Virtual reality helps calm their nerves and improve the patient experience.
6. mHealth Apps
Mobile applications provide patients with control over the options available to him. These apps can assist in making an appointment, uploading medical history or even checking into a hospital for medical care. Mobile apps ease the load of the non-medical staff at hospitals and reduce the patient’s waiting period thus reducing operational costs considerably.
An online platform Encourage was developed to empower patients with information related to their healthcare and educational material about procedures and illnesses. The tool further helps doctors keep track of a patient’s progress, assign tasks, reminders and care plans for the patient. It also gives patients the ability to include people as their caretaker and manage their engagement with them and the doctors through a rewards system and more.
Related Reading: Read more about the case of simplifies patient care here.
What is the Future of PGHD?
With no signs of slowing down, it is estimated that in a couple of years AI is expected to grow annually at the rate of 48%. Other technologies along with mobile apps help in communicating with patients even after they leave the healthcare facility. With such promising technologies, patient-generated health data will surely benefit patients and caregivers and aid healthcare organizations to provide better care.
Yes, the partnership of healthcare organizations with technology is a match that brings out the best in each other. We can confidently look forward to this relationship growing and maturing in the days to come. To empower your healthcare organization with the budding technologies, get in touch with our experts now!
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Evolution Of The Digital Twin Technology
What is a digital twin? Digital Twins can be best defined as digital copies or virtual replicas of physical assets. Data scientists can make use of digital twins to try and run simulations before they build and deploy actual devices. Digital Twin technology transforms the way in which the Internet of Things, Artificial Intelligence, as well as, Data Analytics is optimized.
The concept of ‘digital twin’ rewinds back to the year 1970 with the launch of Apollo 13. NASA’s digital twin model of Apollo 13 was a famous rescue mission to assess space monitoring conditions. The concept of Digital Twins later gained recognition in 2002 at the onset of a presentation by Challenge Advisory at the University of Michigan. According to Gartner, the digital twin is one of the top 10 strategic technology trends since 2017. Gartner estimates 21 billion connected sensors and endpoints by the end of the year 2020!
Related Reading: Checkout in detail, where and why should you invest in IoT.
Digital Twins: Enhancing IoT Enabled Industries
Data scientists build digital twins that can receive input from sensors that collect data from its real-world counterpart. The twin is then allowed to simulate in real-time. This process provides critical insights and feedback that helps in analyzing the actual system’s performance. For instance, a twin car can be built digitally by validating various inputs to check on factors such as safety, mileage, etc.
Digital Twins impact various IoT-enabled environments such as manufacturing, automotive, healthcare, financial services, urban planning and many more. The major IoT-enabled industries that can leverage the benefits of digital twin technology and how they benefit from it are as follows:
- Manufacturing Industry: The Digital Twin concept with the IIoT (Industrial Internet of Things) is implemented in the manufacturing domain. It can be designed and deployed in numerous ways such as in tracking and monitoring systems, evaluating production, troubleshooting equipment used, etc. As digital twins can predict failure chances, it helps in saving costs, time and in improving customer loyalty.
- Automotive Industry: The future of autonomous vehicles lies on well-connected road systems and vehicles. Critical data gathered from this network. The digital twins then act as simulated models that help engineers analyze the behavior of vehicles before they are used on roads.
- Healthcare: Medical monitoring technology is used to gather critical data such as heart rate, oxygen levels, etc. This data is used in the creation of digital simulations. Digital twins help the healthcare ecosystem in disease diagnosis, remote monitoring of patients, etc.
- Urban Planning Sectors: Vital data such as maps, blueprints of buildings, real-time data from sensors, etc are used to create digital twin models to improve urban planning services. These services include waste disposal, mobility services, providing resources like electricity and water, etc.
- Asset Management: Both worksite and remote industrial operations can be managed via digital twins with the help of remote asset monitoring services. Predictive maintenance of assets like machinery improves operational efficiencies and decreases disruption of business operations. Digital twins can also be converged with augmented and virtual reality techniques for better visualization of industrial workflows.
- Financial Services: Customer behavior can be easily monitored with digital twin technology. It helps in creating personalized profiles for individuals via data analysis of their previous behavior in buying decisions etc. It can also simulate cash flows and balance sheets. Client needs can be analyzed better by insurance firms and asset managers and can thus provide personalized experiences for their customers.
Digital Twin Technology: Fostering Innovation In IoT-Enabled Environments
According to Gartner digital twin will be used by 50 percent of the industries in 2021. This will result in a 10% improvement in operational efficiency in these IoT-enabled organizations. The digital twin technology is the most important Industry 4.0 technology that is available today.
It helps in automating decision-making processes, providing critical insights into dynamic recalibration of products and other equipment in the industries, monitoring the manufacturing processes and production lines, etc.
The digital twin technology helps in monitoring manufacturing components, assets, and critical processes in real-time. Also, it helps in improving OEE (Overall Equipment Effectiveness), increasing product quality, enhancing traceability, reducing wastage and boosting overall efficiency.
Main Data Elements in Digital Twin Technology: Key Benefits For Improved Innovation
There are three main elements in digital twins such as Past, Present and Future Data that improve efficiency in IoT-enabled industries. The past data is the data from the previous performance of individual machines etc. Present data is the real-time data from sensors, whereas the future data is the data received from machine learning algorithms and various inputs from engineers.
The key benefits of Digital Twin IoT enabled industries are as follows:
It is important for an IoT-enabled environment to understand the relationship between different types of data within its network. This IoT data can be extracted and enhanced in the form of knowledge graphs. This helps in automating processes and improving decision-making.
Increased ROI Generation
A decline in revenue is mainly due to the downtime of machines. The digital twin technology can reduce downtimes, prevent failures, and increase the life-span of machines. This not only improves productivity but also brings down the operational costs significantly and improves revenue generation.
Digital twins provide a platform that enables IoT-enabled industries to be prompted constantly about production, operation and management activities. The virtual testing platform that it provides, simulate the real-world data into critical and meaningful insights. In addition to being a scalable solution, it also self-diagnoses problems. This makes it easy for industries to make human-machine interaction efficient and productive.
Digitizing The Whole Industry Ecosystem
There is a rapid adoption rate of digitizing operations by industries day-to-day in order to achieve positive business outcomes. This is made possible with the steady data flow from the environmental and operational sectors of the IoT-enabled industries.
This up-to-date and personalized data maximize profitability and productivity. In addition to being a high revenue opportunity, the digital twin technology also digitizes the working assets and processes in its entirety.
In a nutshell, the benefits that can be leveraged from digital twin technology for IoT-enabled industries are as follows:
- Reliable operations and management of equipment and production lines
- Increased Overall Equipment Effectiveness or OEE achieved via reduced downtime.
- Increased ability of customers to remotely configure products.
- Significantly reduced maintenance costs due to preventive measures taken that aid in finding out chances of failures or machine breakdown, etc.
- Improved production cycles leading to reduced downtimes.
- Better productivity
- Considerably reduced risks in areas of product availability, product failures, services, maintenance, etc.
- Provides critical insights of past, present and future data in real-time environments.
The globe is yet to witness over 50 billion connected devices by the time period of 2020-2030 and over 7 billion customers using the web worldwide.
For an immersive experience on how to transform your IoT-enabled industry or business with the Digital Twin technology, call us right away. We will help you gather brilliant strategies on fostering innovation with specific digital twin models!